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Regulation of crowdfunding in Germany

Author

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  • Tröger, Tobias

Abstract

This paper is the national report for Germany prepared for the to the 20th General Congress of the International Academy of Comparative Law 2018 and gives an overview of the regulation of crowdfunding in Germany and the typical design of crowdfunding campaigns under this legal framework. After a brief survey of market data, it delineates the classification of crowdfunding transactions in German contract law and their treatment under the applicable conflict of laws regime. It then turns to the relevant rules in prudential banking regulation and capital market law. It highlights disclosure requirements that flow from both contractual obligations of the initiators of campaigns vis-à-vis contributors and securities regulation (prospectus regime). After sketching the most important duties of the parties involved in crowdfunding, the report also looks at the key features of the respective transactions' tax treatment.

Suggested Citation

  • Tröger, Tobias, 2017. "Regulation of crowdfunding in Germany," SAFE Working Paper Series 199, Leibniz Institute for Financial Research SAFE.
    • Handle: RePEc:zbw:safewp:199
    DOI: 10.2139/ssrn.3122987
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    More about this item

    Keywords

    crowdfunding; crowdsponsoring; crowdlending; crowdinvesting; contract law; conflict of laws; banking regulation; securities regulation;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law

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